Fermi Battles Former CEO Toby Neugebauer in High-Stakes Consent Fight

Fermi is actively soliciting shareholders to sign and return a white consent revocation card, a direct counter-maneuver to Neugebauer’s campaign to replace the existing board. The company contends that Neugebauer’s recent public claims, including proposals regarding potential executive appointments, are inaccurate and unauthorized. Notably, Double Eagle Energy III recently distanced itself from Neugebauer’s suggestion that its co-CEO, John Sellers, should take the helm at Fermi, confirming no such discussions occurred.

Management is currently focused on Project Matador, an initiative to build a massive private power grid for AI infrastructure. The board argues that market confidence has improved since Neugebauer’s departure, citing a 45% increase in stock value as proof that shareholders support the current direction. With legal counsel from firms including Quinn Emanuel, the company asserts that potential partners are actively avoiding engagement with Fermi should Neugebauer regain influence, framing his latest push as a self-serving attempt to orchestrate a quick sale at the expense of other investors.